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The Metaverse is a concept based on a virtual world that incorporates virtual reality, augmented reality, 3D holographic avatars, videos, and other means of communication. The Metaverse is a combination of ‘meta’ and ‘verse.’ Meta means ‘beyond’ and Verse means ‘universe.’ It is used to refer to a futurism concept that will offer a hyper-real alternative world for you to coexist in.

Similar to the internet, the Metaverse will interconnect multiple platforms. Activities will take place in different spaces. Engined by augmented reality, each user will be associated with a character or avatar. In some clines, people can attend a meeting using an Oculus VR headset in a virtual setting and later relax by playing games in the ‘verse.’

It is a place where you use available resources to live, work and play virtually. The Metaverse is still in its developmental stage and can be vague in some aspects. Although, big tech companies like Google, Apple, Microsoft, and Facebook (Meta) are now actively competing in the Metaverse. Mark Zuckerberg made a decisive step in this race when he renamed Facebook to Meta. 

In the words of Mark Zuckerberg: “a realized metaverse could be the next best thing to a working teleportation device”

The metaverse concept might not be new to gamers. Video games have already explored the idea of virtual economies. In the games like Grand Theft Auto (GTA), players immerse themselves in a virtual world with storylines and relatable characters. 

Getting to know the Metaverse

The Metaverse is a virtual world with many possibilities. Here are some of the terms that would help you understand the Metaverse better:

Virtual worlds

As its name implies, a virtual world is a simulated setting that enables you to explore the world through an avatar. The virtual world presents real-life actions and communications to its users. Virtual worlds allow collaborations between teams around the globe. Virtual worlds are also sometimes called synthetic worlds.

Virtual reality

Virtual reality is a simulated experience enabled by a virtual reality headset. You can view realistic images, sounds, and other feelings within a virtual environment through a VR headset. 

Equipped with virtual reality equipment, you can stream meetings and training. You can look around a virtual world and interact with other users. 

Mixed Reality

Mixed reality is the combination of the physical and virtual worlds. MR enables you to interact with both real and virtual objects. Microsoft defines mixed reality as the “next wave of computing followed by smartphones, PCs, and mainframes.” Often confused as augmented reality, mixed reality experiences are available through various tools. 

Augmented Reality

Augmented Reality (AR) is an enhanced version of the natural world through the lens of digital technology. AR is achieved mainly by visual elements, sound, or other sensory stimuli. Most companies are involved in AR, especially mobile computing and business applications.  

Crypto in the Metaverse

Asides from virtual realities, the Metaverse needs elements of proof to implement its essential aspects. Already in the gaming world, players engage in play-and-earn competitions. Play-and-earn competitions reward players with crypto since it’s offer transparency and authenticity. 

Here are some of the roles of crypto in the Metaverse: 

Transfer of value: Before now, games relied on in-game currencies as rewards. But crypto has proved to be more secured through blockchain. Crypto could be a secure way for people to transfer value in the Metaverse.

Interoperability: A metaverse will need multiple blockchains to operate efficiently. Blockchain technology is continually improving compatibility between projects. Projects like Avalanche (AVAX) and Polkadot (DOT) enable custom projects that can interoperate.

Digital proof of ownership: A digital wallet is a secure and reliable way to establish your digital proof of ownership. With crypto, you can prove ownership of an asset on the blockchain. Through NFTs, you can create assets that are unique and never forged. A metaverse will need NFTs to incorporate more real-life scenarios and activities. 

Discover Brazilians Favorite Cryptocurrencies in 2021!

Bottom line

The Metaverse is a project that has expanded in recent years. Various tech companies have joined the space and are already competing for superiority. Although, it remains certain if the end-users and consumers are ready to shift into the virtual universe.

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